Principal Financial Group Inc. Raises Stock Position in ONEOK, Inc. (NYSE:OKE)

Principal Financial Group Inc. grew its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 5.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 740,553 shares of the utilities provider's stock after buying an additional 40,196 shares during the quarter. Principal Financial Group Inc. owned 0.12% of ONEOK worth $73,478,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. MBM Wealth Consultants LLC lifted its holdings in ONEOK by 3.8% in the first quarter. MBM Wealth Consultants LLC now owns 5,883 shares of the utilities provider's stock worth $584,000 after buying an additional 217 shares during the period. Mutual Advisors LLC boosted its position in shares of ONEOK by 16.5% during the first quarter. Mutual Advisors LLC now owns 10,352 shares of the utilities provider's stock valued at $1,027,000 after purchasing an additional 1,469 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of ONEOK by 7.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 53,771 shares of the utilities provider's stock valued at $5,335,000 after purchasing an additional 3,730 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of ONEOK by 2,087.0% during the first quarter. Teacher Retirement System of Texas now owns 119,561 shares of the utilities provider's stock valued at $11,863,000 after purchasing an additional 114,094 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of ONEOK by 41.5% during the first quarter. First Horizon Advisors Inc. now owns 4,490 shares of the utilities provider's stock valued at $446,000 after purchasing an additional 1,316 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

OKE has been the subject of several recent research reports. Citigroup lowered their target price on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. TD Cowen assumed coverage on shares of ONEOK in a report on Monday. They set a "hold" rating and a $91.00 target price for the company. Stifel Nicolaus decreased their target price on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company cut their price target on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Finally, Scotiabank decreased their price objective on shares of ONEOK from $96.00 to $93.00 and set a "sector outperform" rating for the company in a report on Thursday, June 5th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ONEOK presently has an average rating of "Moderate Buy" and an average price target of $103.14.

ONEOK Stock Performance

Shares of OKE stock traded down $1.96 on Monday, reaching $80.18. The stock had a trading volume of 3,927,604 shares, compared to its average volume of 3,449,411. The stock has a market cap of $50.48 billion, a P/E ratio of 15.66, a price-to-earnings-growth ratio of 1.61 and a beta of 0.93. ONEOK, Inc. has a 1 year low of $75.48 and a 1 year high of $118.07. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 0.67. The company has a 50 day simple moving average of $82.27 and a 200 day simple moving average of $91.46.

ONEOK (NYSE:OKE - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.24). The company had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $8.23 billion. ONEOK had a return on equity of 15.58% and a net margin of 12.15%. During the same quarter last year, the company earned $1.09 earnings per share. Equities research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.14%. The ex-dividend date of this dividend was Monday, May 5th. ONEOK's payout ratio is 80.47%.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.